TULSA, Okla., Jan. 22, 2004 (PRIMEZONE) -- The Company today announced that its 53% subsidiary Icoworks Holdings Inc. has made the final payment of $100,000, which completes the acquisition of Santiago Sports and Classics Collector Car Auctions. The total purchase price was $250,000.
Graham Douglas Chairman stated, "The addition of this business unit will round out the extensive expertise of our Company expanding into a high profile facet of the auction business. We are pleased and excited that Rocky Santiago, an acknowledged leader in the classic and antique car auction business, will stay on to help direct the expansion and integration of this new business unit."
Santiago Sports and Classics Collector Car Auctions holds 5 auctions per year in Oklahoma City (2) and one each in Tulsa, Dallas and Albuquerque with additional locations being researched for 2004.
Investors are directed to the site www.santiagocs.com
About Icoworks
Icoworks Inc. has acquired a 53% interest in Icoworks Holdings Inc. (http://www.icoworks.com/) an integrated Commercial/Industrial Auction company. In November of 2002 Icoworks Inc. announced its intent to merge with Icoworks Holdings. Icoworks Inc. plans to acquire the remaining 47% interest in Icoworks Holdings by issuing two shares of its common stock for each remaining share of Icoworks Holdings. The Icoworks merger remains subject to approval by the shareholders. The shareholder meeting will be held once requisite regulatory documents have been prepared and filed.
Icoworks Inc., named after the Latin word "ico" (meaning to strike a bargain), is an integrated commercial/industrial auction company focused on consolidating the industry. Through its subsidiaries, Icoworks offers a complete array of industrial, oilfield, commercial appraisal, liquidation and auction services. As a consolidator of the traditional industrial auction industry, the company enhances bricks and mortar businesses by employing electronic information technologies to provide a trading environment that allows buyers and sellers of both mobile and stationary equipment to conduct transactions in a secure, convenient, geographically independent marketplace
For Further Information Contact:
Icoworks Investor Relations at 918 499 8900
This Press Release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Key factors that could cause actual results to differ materially from those described in forward-looking statements are:
(i) the inability of Icoworks to complete the merger with Icoworks Holdings to acquire the minority interest of Icoworks Holdings that it does not own, of which there is no assurance; and
(ii) the inability of Icoworks to achieve the financing required to pursue its plan of operations, of which there is no assurance.